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With Twitter Burden Off His Shoulder, Jack Dorsey Can Now Focus On His Passion For Bitcoin


30/11/2021


With Twitter Burden Off His Shoulder, Jack Dorsey Can Now Focus On His Passion For Bitcoin
The business was "ready to move on from its founders" said Twitter's co-founder and CEO, Jack Dorsey, as he resigned as the head of the company.
 
Now that he does not have the burden of heading one of the most popular social media companies of the world, Dorsey presumably will have more time at hand to devote to Square, the payments business he co-founded and now manages. He would also be abel to devote more time to his growing interest in cryptocurrencies.
 
Dorsey has long been a supporter of bitcoin, citing its role as "a core internet technology that is not owned or influenced by any single people or company" as the reason for his "passion."
 
“If I were not at Square or Twitter, I’d be working on bitcoin,” Dorsey told a crowd at Bitcoin 2021, a mega conference that drew tens of thousands to Miami in June.
 
Dorsey's personal topic is the decentralisation of power on the internet. He supervised the funding of a project called BlueSky at Twitter, which aims to create a set of freely disclosed standards for social media firms so that members of different social media networks may connect more readily. New Twitter CEO Parag Agrawal has been instrumental in pursuing this goal, which harkens back to the early days of the internet when it was established on open standards.
 
Dorsey has also been an outspoken proponent of workplace decentralisation. In the aftermath of the Covid-19 epidemic, Twitter was one of the first firms to promote the option for workers to work from home indefinitely.
 
Dorsey had also pondered moving part-time to Africa as a method to "work decentralised," however he backed away from that notion when the Covid outbreak became too serious.
 
The changing of the guard at Twitter is “bullish for crypto”m says Tom Lee, the head of research at Fundstrat Global Advisors.
 
“There isn’t enough capital actually allocated toward crypto innovation, so it takes people like Jack Dorsey to really marshal focus,” Lee said Monday on CNBC’s “Tech Check.”
 
This year, Square has ramped up its crypto-focused initiatives. Many people are curious to see what crypto duties Square will take on now that Dorsey is no longer responsible for Twitter.
 
The Cash App, which allows users to purchase and trade bitcoin, was introduced in 2018 by the firm. Square founded Square Crypto in 2019, an independent team devoted to contributing to bitcoin open-source development, and the Cryptocurrency Open Patent Alliance (COPA), a non-profit organisation focused at pooling patents to foster crypto innovation, only last year.
 
In July, Square announced the launch of a new firm focused to developing bitcoin DeFi apps, which Dorsey defined as "an open developer platform with the express objective of making it easier to construct non-custodial, permissionless, and decentralised financial services."
 
Square's CEO hinted in October that the company would go into bitcoin mining, and the payments company issued a white paper earlier this month revealing plans to build "tbDEX," its own decentralised exchange for buying and selling cryptocurrencies.
 
To "making bitcoin custody more widespread," the payments behemoth is also developing its own hardware wallet.
 
Square has added bitcoin to its balance sheet, citing a value alignment as the reason. As of Sept. 30, the company's bitcoin investment had a fair value of $351.7 million.
 
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja in a statement. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
 
(Source:www.cnbc.com)